We initiate coverage on Attica Bank. The 5th largest Greek bank by market share has completed a Herculean task in less than 6 months: merging with same-size Pancreta bank, cleaning up NPEs and recapitalizing its balance sheet.

This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.